We have a Lender who now has a commercial loan on the books with 26 rental dwellings as collateral. He wants to refinance all these dwelling in the initial loan but break these out into 21 new individual loans.

Since these will be done simultaneously and satisfying the initial loan, will these 21 loans be HMDA reportable as Refinances?

In my opinion, yes.

5. Two or more debt obligations. Section 1003.2(p) provides that, to be a refinancing, a new debt obligation must satisfy and replace an existing debt obligation. Where two or more new obligations replace an existing obligation, each new obligation is a refinancing if, taken together, the new obligations satisfy the existing obligation. Similarly, where one new obligation replaces two or more existing obligations, the new obligation is a refinancing if it satisfies each of the existing obligations.

I guess i forgot that that was how the updated definition read......i don't guess there's anymore opinion to it....that's pretty cut-and-dried that it most definitely is a refinance. Thanks for the citation Randy.